With the implementation of the PeopleSoft Financial System July 1, 2008, closing Fiscal Year 2008 procedures will be different from previous years. The most significant change to be aware of is deadlines and cut-off dates for document processing are much earlier than usual. Below are some highlights from the year-end closing schedule to make note of:
- Tuesday, June 24
- Last ECARs run for FY 2008
- Thursday, June 26
- Last ECAR sweep for FY2008 - ECARs must be in posting status by 10:00 a.m.
- Last day to process Historical Salary Adjustments (HSA) for FY 2008. Note: HSAs cannot be processed in period 13
- Last day to process Employee Expense and Travel and Payment Vouchers (that do not reference a purchase order) in FY 2008. Must be in approved status by end of day.
- Tuesday, July 1
- IVs, IXs and JVs must be in y 2:00 p.m. Accounting services approval needed. Otherwise must be in approved status by 6:00 p.m.
- Period 12 closes.
- GO-LIVE for the new PeopleSoft Financial System
- Wednesday, July 2
- CUFS OPEN for period 13 - Note: only correcting and closing entries (IXs and JVs) allowed in period 13 - NO HSAs and NO ISO transactions allowed
- Thursday, July 3
- Period 12 data available in Financial Reports on the web at http://financial.reports.umn.edu// , UM Reports or in the Data Warehouse
- Saturday, July 26
- Period 13 close
Enterprise fee transfers will be done in period 13 as soon as possible after period 12 close. A transfer will be made from the college to the department/unit's 1000 (or main) account, to cover Enterprise fees charged to all O&M and ICR accounts. Departments should re-distribute this transfer to cover the enterprise fee on all their O&M or ICR accounts including instructional accounts (xxx-1506 and xxx-1504). Departments are responsible for Enterprise fees charged to any other accounts that are not O&M or ICR.
Final supplemental and summer session instructional transfers will be done in period 12.
More detailed information about the closing process can be found on the FSS web http://www.fss.umn.edu/FYE/
